Fed makes surprise rate cut

Jerome Powell
Jerome Powell: the move is part of a “multifaceted” approach to tackling the threat of the virus
Photo: US Federal Reserve/Flickr

In a surprise move, the Federal Reserve cut rates by 50 basis points today (March 3), to head off the evolving risk of the coronavirus to the US economy.

The unanimous decision – the largest single rate move since the 2008 financial crisis – leaves the current stance of policy at 1-1.25%.

The Fed left the door open to further action, stating it was “closely monitoring” developments of the virus, and “will use its tools and act as appropriate to support the economy”.

Following the unscheduled

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